Accel-KKR Credit Partners, Centre Lane Partners and Wells Fargo Capital Finance led a $67 million financing round for Salary.com, a compensation solutions provider. Raymond James advised Salary.com on the transaction. Prior investors H.I.G. Capital and Salary.com’s management also participated. Salary.com will use the new capital to accelerate innovation and expand hiring.
“Salary.com created the compensation technology category in 1999 and continues to lead the industry in bringing innovations to the field under the steady hand of the original team, a plus in an industry that has seen much upheaval and consolidation,” Todd Ofenloch, managing director in the Boston office of H.I.G. Capital, said. “We’re excited to support the company’s future growth and next wave of innovation.”
“The transformative state of compensation has left many companies overwhelmed by the many possibilities,” Ken Lau, co-founder and managing director of Centre Lane Partners, said. “Salary.com has the benefit of the industry’s most comprehensive platform, an experienced team of compensation experts led by founding CEO Kent Plunkett and a compelling vision for the future. We’re pleased to join them as they guide companies through this defining period in compensation management.”
Salary.com recently launched a series of new products, including the Pay Equity Reporting Toolkit and JobArchitect, a job description management tool. The company’s flagship offering, CompAnalyst, offers an HR-reported compensation data-set to market price jobs.
“We are excited to support Salary.com and their growth trajectory as a market leader,” Andrew Phillips, managing director at Wells Fargo Capital Finance, said. “The company is well-positioned to help its clients achieve a proactive role addressing important issues in the ever- evolving labor market.”
“Pay affects every company, and it is a fiscal and social responsibility that companies must get right. COVID-19 has changed the landscape with more employees working remotely, further complicating compensation as companies look to attract top talent while maintaining culture and managing expenses,” Samantha Shows, managing director at Accel-KKR Credit Partners, said. “Salary.com is the trusted choice for 8,000 organizations and over 45 million employees globally. We look forward to supporting the management team as they continue to evolve and lead their industry.”